The Terra network is undergoing migration as more than 48 projects have begun shifting to Polygon almost two months after the Terra network collapsed following the implosion of terraUSD (UST). "Terra projects have begun migration," Polygon Studios CEO Ryan Wyatt said in a tweet early Monday. In May, Polygon Studios announced a multimillion-dollar fund to assist Terra projects looking to switch. It was ready to pay as much as $20 million to help Terra teams migrate to Polygon's own blockchain to continue building products.
"For any project which wants to come from Terra to Polygon, we will be happy to provide them both financial assistance as well as technical assistance," a spokesperson for Polygon told CoinDesk at the time. "We'll provide them developers and everything." Developers behind other blockchain networks also courted Terra projects, among them Kadena, Cosmos, and Avalanche, as previously reported.
The Terra ecosystem suffered a monumental collapse in May when its TerraUSD Classic (USTC) stablecoin lost its peg, forcing its native token Luna Classic (LUNC) to crash nearly 100% in value from over $60 to fractions of a cent. The network has been renamed Terra Classic, and its native token now has the LUNC ticker, while a new iteration has adopted the Terra name and LUNA ticker.
Validators for the Terra blockchain have decided to officially halt network activity on Thursday in a move designed to prevent governance attacks following the severe devaluation of the network's LUNA token. Terraform Labs' official Twitter handle confirmed that the blockchain network was halted at a block height of 7,603,700. The move follows a series of dramatic events that triggered an unprecedented decline in the price of LUNA and its associated TerraUSD (UST) stablecoin. The stablecoin, which was designed to maintain algorithmic parity with the United States dollar, lost its peg earlier this week before plunging below $0.30.
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